The Fragile Confidence in the US Dollar
For decades, the US dollar (USD) has been the anchor of global finance. Yet in 2025, some investors are reassessing their exposure to dollar-denominated assets in light of growing fiscal and geopolitical concerns. Elevated US debt levels, ongoing political division, and the increasing use of financial systems in international disputes have contributed to a sense of uncertainty.
While the USD remains a dominant reserve currency, questions around its long-term purchasing power and perceived neutrality are prompting a segment of high-net-worth (HNW) and ultra-high-net-worth (UHNW) investors to explore broader currency diversification. This is not necessarily a rejection of the dollar but a reflection of prudent risk management, aimed at reducing over-concentration in a single jurisdiction or monetary regime. For these investors, multi-currency portfolio strategies are increasingly being viewed as tools to enhance resilience and optionality in uncertain times.
The rising appeal of the Swiss franc (CHF)
Among the currencies attracting attention, the Swiss franc (CHF) is often regarded as a stable and conservative alternative. Switzerland’s political neutrality, robust legal infrastructure, and fiscal prudence contribute to its longstanding reputation for financial security. The Swiss National Bank (SNB) has historically maintained a disciplined monetary policy, which appeals to investors seeking diversification away from more accommodative central banks.
For wealthy individuals, CHF exposure, via Swiss-denominated bonds, accounts, structured products, or real assets, may serve as a potential hedge against fluctuations not only in US markets but across developed economies more broadly. Additionally, US investors seek tailored access to CHF-denominated solutions, often characterized by discretion, multi-jurisdictional understanding, and customized planning. Some American family offices are allocating a measured portion, typically between 10% and 30%, of their liquid assets into CHF-linked vehicles as part of a diversified wealth strategy.
The euro: Not perfect, but necessary
Despite the political complexities within the European Union, the euro (EUR) continues to play a significant role in global asset allocation. The scale of the Eurozone economy and the euro’s international liquidity support its use as a diversifying currency within multi-currency portfolios. For US-based investors, the EUR can serve as a geographical and macroeconomic counterbalance to US-centric risks. Exposure to euro-denominated opportunities, such as institutional real estate, private credit, or equity funds, can broaden the investment landscape.
Some UHNW investors are also exploring EUR-CHF currency baskets, designed to manage volatility while facilitating participation in European markets. While not without challenges, the Eurozone’s evolving energy policies, fiscal reforms, and defense investments may present long-term structural advantages for diversified investors seeking alternatives to US dollar dependency.
Hard assets: The silent currency hedge
Beyond fiat currency diversification, many UHNW individuals are allocating capital to hard assets, particularly those located in stable jurisdictions. These include precious metals, collectible art, income-generating real estate, and strategic agricultural land.
Physical Custody for Tangible Assets
Physical custody arrangements, such as Swiss-based vaulting for gold or other tangible assets, have gained popularity among investors seeking not just portfolio diversification but jurisdictional separation. In some cases, hard assets are structured within CHF- or EUR-denominated vehicles to reinforce this diversification. These positions are typically part of a long-term capital preservation strategy rather than short-term speculation.
Strategic Role in Wealth Preservation
In an environment where economic and political events can have cross-border implications, the role of tangible, non-correlated assets in a globally diversified portfolio is being reevaluated by families focused on continuity and multigenerational stewardship.
Working with Alpen Partners International, a Swiss-based SEC-registered investment advisor specializing in US clients and cross-border wealth planning
Developing and maintaining a well-structured multi-currency strategy requires a nuanced understanding of regulatory frameworks, tax implications, and cross-border financial planning. Alpen Partners International offers a differentiated model for US clients, characterized by fiduciary objectivity, deep international experience, and tailored structures that align with both Swiss and US legal requirements. We can help navigate the complexity of issues like FATCA compliance, PFIC considerations, and foreign account reporting, while also integrating legacy planning and risk management.
For clients partnering with Alpen Partners International establishing a Swiss bank account with a regulated custodian bank is a necessary first step and can be completed entirely online from home, without the need to travel. The onboarding process, identity verification, and account opening can be executed digitally, in full compliance with Swiss regulations.
That said, many clients later choose to visit Switzerland not only to meet their advisory team in person, but also to experience firsthand why this jurisdiction is increasingly viewed as a second home for capital and peace of mind. This personal connection with the country often strengthens confidence in long-term cross-border planning.
An additional paragraph about citizenship and residence planning?
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